Clause 1 — Charge for 2013-14

Part of Finance (No. 2) Bill – in the House of Commons at 1:15 pm on 18 April 2013.

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Photo of Catherine McKinnell Catherine McKinnell Shadow Minister (Treasury) 1:15, 18 April 2013

I thank the Minister for his response and the completely fictional rewriting of HMRC’s report on the impact of the 50p rate of tax, which showed very clearly that it brought in additional revenue of about £1.1 billion. Who knows how much more it might have brought in had the Government not abolished it at such an early stage, before there was even the opportunity to collect the data that would have given a picture of the longer-term impact?

We will press amendment 1 to a vote, and we are asking for a proper review of the impact of the 50p rate of tax so that members of the public can know the truth about the amount of revenue it would have brought in had this Government not opted to give a tax cut to millionaires while letting ordinary people bear the brunt of the Chancellor’s utterly failing economic plan.